AFC Group Holdings Limited (AFC) Releases Interim Results
AFC Group Holdings Limited (AFC) Releases Interim Results
AFC Group Holdings Limited (AFC Group) reports its financial results for the six-months ended 30 September 2023. The interim financial statements for the period have not been audited.
Financial Results Summary
AFC Group reports a revenue of NZ$489 thousand during the six-month period, which was 27% lower than the prior six-month period ended 30 September 2022. This is mainly due to the decline in revenue from overseas wine sales. It’s believed that the overseas revenue will increase in the second half year with contracts under negotiation.
The Company produced a net loss of NZ$126 thousand for this period due to lower revenue. This compares with a net profit of $65 thousand for the prior comparable period. The net assets of AFC Group were NZ$249 thousand, with a 34% down from the annual position as at 31 March 2023.
Principal activities
AFC Group engages in a number of businesses in New Zealand, with subsidiaries operating vineyard and winery, manufacture of skin care products, and international marketing and distribution. Through years of efforts, the Group has developed a number of well-known brands and products, such as DD Mask, Longview Estate White Diamond Wine and so on. Meanwhile, AFC Group is committed to helping New Zealand small and medium-sized enterprises (SMEs) gain access to the Chinese market and provide them with more opportunities.
Review of operations and outlook
In the first half of the financial year 2024, AFC continued its efforts in cost control and development of markets and sales channels to get through the difficult situation, to enable future revenue growth and return value to our shareholders:
AFC Longview Limited (“AFCLV” and “Longview Estate”)
1. AFCLV is stepping up its efforts to develop overseas markets by launching marketing campaigns and increasing Online sales channels in China. Contracts are under negotiation to export considerable wines to China in the second half of the financial year.
2. AFCLV is negotiating a new distributing agreement in New Zealand to boost domestic sales.
3. Longview Estate employs a new experienced winemaker to develop wine products and ensure operation efficiency, and will continue to participate in wine exhibitions and awards to increase brand recognition.
AFC Biotechnology Manufacture Co Ltd (“AFCBIO”)
1. AFCBIO has outsourced its inventory storage to a third party. This cuts down the rental fee of the warehouse and other ancillary costs.
2. AFCBIO is developing new distributors in New Zealand and cooperating with all distributors to carry out product promotions to increase sales.
3. AFCBIO will focus on the production and sales of its key products. The re-opening of borders will continue to bring in more customers to AFCBIO, thus generate more sales.
In summary, by taking various measures to increase sales and save costs, the AFC Group will continue to work hard to return value to our shareholders. We shall expect to improve the revenue in the next half year.
On behalf of the Board of Directors
Hao Long
CFO
AFC Group Holdings Limited
https://www.nzx.com/announcements/422349
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AFC Interim report 30 September 2023
AFC held its annual meeting through a virtual meeting
AFC Group Holdings Limited (AFC) held its annual meeting through a virtual meeting platform today.
At AFC Group Holdings Limited’s shareholder meeting, held through Zoom meeting today (22 September 2023), shareholders were asked to vote on three resolutions, which were supported by the Board.
AFC is pleased to advise that all resolutions were passed by shareholders. The final results of the voting by poll were:
Resolution 1. Receive Annual Report
“To receive and consider the Annual Report, including the audit report and financial statements, for the year ended 31 March 2023.”
The votes were:
For: 3,172,389,808 (86.58%)
Against: 0
Abstain: 0
Resolution 2. Fix The Remunertion Of The Auditors
“That the directors of the Company be authorised to fix the remuneration of the auditors of the Company for the ensuing year.”
The votes were:
For: 3,172,389,808 (86.58%)
Against: 0
Abstain: 0
Resolution 3. Appoint Jianfeng (David) Chen
“That Jianfeng (David) Chen be appointed as an independent director of the Company.”
The votes were:
For: 3,172,327,202 (86.57%)
Against: 62,606 (0.00%)
Abstain: 0
On behalf of the Board of Directors
Hao Long
CFO
22 September 2023
https://www.nzx.com/announcements/418739
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AFC Group Holdings Limited Annual Meeting Presentations
Please see attached slides and speech notes for the AFC Group Holdings Limited ("AFC") Annual Meeting to be held at 2:00 pm on 22nd September 2023.
https://www.nzx.com/announcements/418697
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Notice of Annual Meeting and Proxy Voting Form
Further to AFC Group Holdings Limited (AFC) announcement of 7th August 2023, AFC gives you notice that the annual meeting of shareholders will be held online via Zoom link commencing at 2:00 pm on 22 September 2023. Attached is a copy of the Notice of Annual Meeting and Proxy Voting Form.
Shareholders can watch the proceedings via the Zoom link from the below information.
You are invited to a Zoom meeting.
When: Sep 22, 2023, 02:00 PM Auckland, Wellington
Register in advance for this meeting:
https://us06web.zoom.us/meeting/register/tZYufu2qqD4oHdbXMTRGamvC0yb_RbRhBV8o
After registering, you will receive a confirmation email containing information about joining the meeting.
Meeting ID: 823 9426 5272
The Annual Report for the year ended 31 March 2023 has been mailed to those shareholders not registered to receive communications electronically. The Annual Report is also available on AFC’s website at www.afcnz.com.
On behalf of the Board of Directors
Hao Long
CFO
21 August 2023
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
https://www.nzx.com/announcements/416717
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20230821 AFC Group Holdings Limited Proxy AUG 2023 V5
Director nominations & virtual-only 2023 AGM date
AFC Group Holdings Limited (“AFC”) advises for the purposes of NZX Listing Rule 2.3.2 that it has opened the period for the nomination of directors with immediate effect. All nominations must be presented in writing and addressed to:
The Directors
AFC Group Holdings Limited
Suite A, Level 15, Tower 2,
205 Queen Street,
Auckland CBD 1010
Nominations must be received no later than 5 pm on Monday 21st August 2022.
AFC advises that shareholders can attend the meeting, which is to be held on Monday 22nd September 2023 at 2:00 pm (NZT), through a virtual meeting platform only. The Notice of Meeting and Proxy Form has been revised to remove references to the physical meeting. No changes have been made to the business of the meeting or the processes around virtual attendance.
The Notice of Meeting will be distributed in due course, and the virtual AGM arrangement will be distributed in due course.
On behalf of the Board of Directors
Hao Long
CFO
7 August 2023
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
https://www.nzx.com/announcements/415900
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AFC release an updated 2023 Annual Report
AFC release an updated Annual Report for the year ended 31 March 2023. The updated Annual report revised the Corporate Governance Statement (Page 6-Page 16) to comply with the NZX Corporate Governance Code and NZX listing Rules 3.8.1 (a), (b) and (e).
https://www.nzx.com/announcements/414053
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AFC releases Annual Report for the year ended 31 March 2023
AFC Group Holdings Limited is pleased to present its Annual Report for the year ended 31 March 2023.
https://www.nzx.com/announcements/413741
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AFC Full Year Results to 31 March 2023
The Directors are pleased to present an improved result for the 12 months ended 31 March 2023 after a severe slowdown impacted by the spread of COVID-19.
Unaudited Financial Results Summary
The financial statements of AFC Group Holdings Limited (“AFC Group”) are still in the process of being audited for the year ended 31 March 2023, and the company is not aware of any likely qualification.
AFC Group achieved revenue growth during the FY2023 period, which was 159% higher than the prior financial year ended 31 March 2022. This is due to the fact that the company has been actively increasing its sales channels in both domestic and overseas markets. The re-opening of borders has contributed to an increase in customers and revenue generated.
The Group reports an unaudited net loss of $0.18 million for the year. This compares with a net loss of $0.74 million for the previous year. The majority of expenses were identified as employee salaries, sales incentives, and depreciation expenses. The Company’s dividend policy is not to pay dividends, and the company is accordingly not proposing to pay any dividends for the period ended 31 March 2023.
In FY2023, a positive net cash inflow of 0.06 million from operating activities has been recorded for the first time since being hit hard by COVID-19. For the year ended 31 March 2023, the net assets were NZ$0.37 million, and fixed assets were NZ$1.48 million. The annual sales revenue for the year ended 31 March 2023 was NZ$1.08 million. The market capitalisation value was NZ$3.66 million.
Please refer to the attached Unaudited Annual Results Announcement for detailed results.
Outlook
The FY2023 result was in line with the board’s expectations. AFC Group is aware of how uncertain the future is. However, the Group has developed a list of actions to get through the current difficult situation, enable future revenue growth and return value to our shareholders:
AFC Longview Limited (“AFCLV” and “Longview Estate”)
1. AFCLV continues to explore its sales channels and marketing campaign. The company changes its pricing strategy for the White Diamond wine to target high-end customers and increase sales.
2. Longview Estate actively participated in wine exhibitions, such as Winetopia and NZ Wine Roadshows, to promote wine and increase sales.
3. AFCLV is committed to developing export markets by launching marketing campaigns, such as free wine knowledge courses, White Diamond wine tastings for the business elite, bundling of White Diamond wines with high-end travel, and establishing White Diamond partnerships.
4. Longview Estate has taken actions to cut costs, such as better work schedules, organisation and people management.
5. AFCLV has around $0.45 million in domestic sales contracts to be fulfilled in FY2024.
AFC Biotechnology Manufacture Co Ltd (“AFCBIO”)
1. AFCBIO will cooperate with distributors to launch marketing campaigns in the domestic market. AFCBIO has signed a significant distribution contract with a new distributor. The sales are expected to increase in FY2024.
2. AFCBIO will focus on the promotion and sales of its key products (DD Masks). The re-opening of borders will continue to bring in more customers to AFCBIO, thus generating more sales.
3. AFCBIO will continue its cost management actions to control costs.
AFC Group Holdings Limited (“AFC”)
1. All directors will voluntarily receive no director fees in FY2024 to support the business development.
2. AFC has cut down its rent costs by renting a lower-cost office and will remain that way.
3. AFC will attend the 6th China International Import Expo (CIIE) to promote the group and its products.
4. AFC continues to help and provide more opportunities for New Zealand small and medium enterprises to enter the Chinese market. AFC Group has actively participated in China (Anhui) 5G International Food City and the "EFOODLINE" global e-commerce platform.
On behalf of the Directors of AFC, the Company extends its thanks to the shareholders for their support of the Company.
Annual Report and Annual Meeting
AFC expect to release our Annual Report before the end of June, and we are planning to hold our Annual Meeting in early September 2023.
On behalf of the Board of Directors.
HAO LONG
CFO
30/05/2023
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
https://www.nzx.com/announcements/412227
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AFC Group Holdings Limited (AFC) Releases Interim Results
AFC Group Holdings Limited (AFC Group) reports its financial results for the six months ended 30 September 2022. The interim financial statements for the period have not been audited.
2022 Half-Year Summary
The net assets of AFC Group were NZ$618 thousand, with a 12% increase from the annual position as at 31 March 2022. This is mainly due to positive net profit from the revenue increase. Total revenue was NZ$671 thousand for the six months ended 30 September 2022, a growth of 602% compared to the previous corresponding period. The mitigation of COVID-19 controls and the measures taken by management improved operational efficiency. AFC Group achieved a net profit of NZ$65 thousand for this period.
Outlook
In the first half of the financial year 2023, AFC continued its efforts in cost control and development of markets and sales channels to get through the difficult situation, to enable future revenue growth and return value to our shareholders:
AFC Longview Limited (“AFCLV” and “Longview Estate”)
1. AFCLV is stepping up its efforts to develop overseas markets by launching marketing campaigns and increasing online sales channels in China. Total overseas sales in the first half of the financial year tripled compared to last year.
2. AFCLV is developing new distributors in New Zealand. A new domestic sales contract was signed in October 2022, which will significantly boost revenues.
3. Longview Estate will continue participating in wine exhibitions and awards to increase brand recognition. One of our wine products, Malbec, obtained the highest 5-star awards, and another, Merlot, got 4½ stars in the 2022 Winestate tasting.
4. Longview Estate has taken actions to cut costs, such as better work schedules, organisation and
people management.
AFC Biotechnology Manufacture Co Ltd (“AFCBIO”)
1. AFCBIO has outsourced its inventory storage to a third party. This cuts down the rental fee of the warehouse and other ancillary costs, such as electricity and monitoring fees.
2. AFCBIO is developing new distributors in New Zealand and cooperating with all distributors to carry out product promotions to increase sales. These include increasing online promotional channels and restoring some products.
AFC Group Holdings Limited (“AFC”)
1. Independent directors of AFC will continue to take a 30% reduction in remuneration. Other directors will voluntarily receive no director fees.
2. AFC has cut down its costs through office space integration. The depreciation of the lease of office and rental fees has decreased considerably.
3. AFC actively participates in product exhibitions and expands China's online and offline distribution channels to enhance brand awareness and promote sales.
4. AFC is helping and providing more opportunities for New Zealand small and medium enterprises to enter the Chinese market. AFC Group has actively participated in the China International Import Expo (CIIE), China (Anhui) 5G International Food City and the "EFOODLINE" global e-commerce platform.
In summary, by taking various measures to increase sales and save costs, the AFC Group will continue to work hard to return value to our shareholders. We shall expect to improve the revenue in the next half year.
On behalf of the Board of Directors
Hao Long
CFO
AFC Group Holdings Limited
https://www.nzx.com/announcements/402919
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Change of Director Announcement
AFC Group Holdings Limited (the “Company”) is pleased to announce Mr Jianfeng Chen (David) has been appointed to the Board as independent director for the purpose of the NZX listing rules 2.6.2. Mr Chen’s appointment effectives from 25 October 2022.
Jianfeng Chen (David) is a citizen of Australia. He has more than 25 years of commercial and international trade experience in Australia, New Zealand and China. David has previously held a variety of executive positions at various companies. After joining AFC, David will focus on promoting the Longview Estate White Diamond Wine.
AFC also announces that Mr. Qiang Li (John) has resigned as an independent director of AFC Group Holdings Limited. Mr. Li’s resignation is effective from 25 October 2022. The board appreciates Mr. Li for his contribution to AFC since 2017.
On behalf of the Board of Directors
Hao Long
CFO
25 October 2022
https://www.nzx.com/announcements/401096
AFC Group (NZX: AFC) Annual Meeting Presentations
Please see attached slides and speech notes for the AFC Group Holdings Limited ("AFC") Annual Meeting to be held at 2:00 pm on 16th September 2022.
https://www.nzx.com/announcements/398935
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AFC held its annual meeting through a virtual meeting
AFC Group Holdings Limited (AFC) held its annual meeting through a virtual meeting platform today.
At AFC Group Holdings Limited’s shareholder meeting, held through Zoom meeting today (16th September 2022), shareholders were asked to vote on seven resolutions, which were supported by the Board.
AFC is pleased to advise that all resolutions were passed by shareholders. The final results of the voting by poll were:
Resolution 1. Receive Annual Report
“To receive and consider the Annual Report, including the audit report and financial statements, for the year ended 31 March 2022.”
The votes were:
For: 3,179,557,329 (86.77%)
Against: 0
Abstain: 40,000 (0.00%)
Resolution 2. Reappoint Auditors
“That the Company’s Auditors William Buck is reappointed as auditors.”
The votes were:
For: 3,179,597,329 (86.77%)
Against: 0
Abstain: 0
Resolution 3. Fix The Remunertion Of The Auditors
“That the directors of the Company be authorised to fix the remuneration of the auditors of the Company for the ensuing year.”
The votes were:
For: 3,179,597,329 (86.77%)
Against: 0
Abstain: 0
Resolution 4. Re-elect Yang Xia
“That Yang Xia, who retires by rotation and is eligible for re-election, be elected as a non-executive director of the Company.”
The votes were:
For: 3,179,557,329 (86.77%)
Against: 40,000 (0.00%)
Abstain: 0
Resolution 5. Re-elect Bo Xian (Charles) Cao
“That Bo Xian (Charles) Cao, who retires by rotation and is eligible for re-election, be elected as an independent director of the Company.”
The votes were:
For: 3,179,557,329 (86.77%)
Against: 40,000 (0.00%)
Abstain: 0
Resolution 6. Re-elect Jinwei (Karen) Ma
“That Jingwei (Karen) Ma, who retires by rotation and is eligible for re-election, be elected as an executive director of the Company.”
The votes were:
For: 3,179,557,329 (86.77%)
Against: 40,000 (0.00%)
Abstain: 0
Resolution 7. Appoint Shuang (Simon) Xia
“That Shuang (Simon) Xia be appointed as a non-executive director of the Company.”
The votes were:
For: 3,179,557,329 (86.77%)
Against: 40,000 (0.00%)
Abstain: 0
On behalf of the Board of Directors
Hao Long
CFO
16 September 2022
https://www.nzx.com/announcements/398974
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Notice of Annual Meeting and Proxy Voting Form
Further to AFC Group Holdings Limited (AFC) announcement of 2nd August 2022, please note the change of date: it was the company’s intention to hold the Annual Meeting via Zoom link on Monday, 5th September 2022 at 2:00 pm, but the revised date is now Friday 16th September 2022, commencing at 2:00 pm. Attached is a copy of the Notice of Annual Meeting and Proxy Voting Form.
Shareholders can watch the proceedings via this Zoom link
Topic: AFC AGM 2022
Time: Sep 16, 2022 02:00 PM Auckland, Wellington
Join Zoom Meeting
https://us06web.zoom.us/j/2595915157?pwd=Rnh0NjByb3cydC9CWjd5NjRNSGoxUT09
Meeting ID: 259 591 5157
Passcode: AFC123
The Annual Report for the year ended 31 March 2022 has been mailed to those shareholders not registered to receive communications electronically. The Annual Report is also available on AFC’s website at www.afcnz.com.
On behalf of the Board of Directors
Hao Long
CFO
16 August 2022
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
https://www.nzx.com/announcements/397058
Notice of Annual Meeting and Proxy Voting Form
Director nominations & virtual-only 2022 AGM date
AFC Group Holdings Limited (“AFC”) advises for the purposes of NZX Listing Rule 2.3.2 that it has opened the period for the nomination of directors with immediate effect. All nominations must be presented in writing addressed to:
The Directors
AFC Group Holdings Limited
Suite A, Level 15, Tower 2,
205 Queen Street,
Auckland CBD 1010
Or
PO Box 230122,
Botany,
Auckland 2163
Nominations must be received no later than 5 pm on Monday 15th August 2022.
AFC advises that considering the health and safety of its staff and shareholders and the recent Covid-19 community cases, it will no longer offer shareholders the ability to attend the Annual Shareholders’ Meeting in person.
Shareholders will be able to attend the meeting, which is to be held on Monday 5th September 2022 at 2:00 pm (NZT), through a virtual meeting platform only. The Notice of Meeting and Proxy Form has been revised to remove references to the physical meeting. No changes have been made to the business of the meeting or the processes around virtual attendance.
The Notice of Meeting will be distributed in due course, and the virtual AGM arrangement will be distributed in due course.
In addition, AFC advises that, effective on and from 2nd August 2022, AFC’s New Zealand registered office and mailing address (for the purpose of rule 3.21.1(b) of the NZX listing rules) will change to:
Suite A, Level 15, Tower 2,
205 Queen Street,
Auckland CBD 1010
New Zealand
On behalf of the Board of Directors
Hao Long
CFO
2 August 2022
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
https://www.nzx.com/announcements/396236
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AFC releases Annual Report for the year ended 31 March 2022
28/6/2022, 12:06 pm ANNREP
AFC announces the availability of its Annual Report
AFC Group Holdings Limited releases its Annual Report for the year ended 31 March 2022.
On behalf of the Board of Directors.
Hao Long
CFO
28 June 2022
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
https://www.nzx.com/announcements/394427
Downloads
AFC Annual General Meeting Presentation 30 September 2021
AFC Group Holdings Limited Annual General Meeting Presentation 30 September 2021.
AFC AGM results and update on senior manager
AFC Group Holdings Limited (AFC) held its annual meeting through a virtual meeting platform today.
At AFC Group Holdings Limited’s shareholder meeting, held through Zoom meeting today (30th September 2021), shareholders were asked to vote on seven resolutions, which were supported by the Board.
The resolutions passed by shareholders were:
•To receive and consider the Annual Report, including the audit report and financial statements, for the year ended 31 March 2021.
•To reappoint the Company’s Auditors William Buck as auditors.
•To fix the remuneration of the auditors of the company for the ensuing year.
•To re-elect Boxian (Charles) Cao as a non-executive director of the company.
•To re-elect Qiang (John) Li as an independent director of the company.
•To re-elect Zilei (Jacky) Wang as an independent director of the company.
•To re-elect Jingwei (Karen) Ma as a non-executive director of the company.
Pursuant to NZX Listing Rule 3.20.1(a), AFC also advises that its Chief Financial Officer, Hao Long, has chosen to work as part-time Chief Financial Officer due to personal reasons effective from 1st October 2021. We are pleased that Hao will be remaining with the company and will continue to play a senior and integral role within the company. Further information will be provided to the market if there is a change of senior manager in due course.
On behalf of the Board of Directors
Hao Long
CFO
30 September 2021
Notice of Annual Meeting and Proxy Voting Form
Further to AFC Group Holdings Limited (AFC) announcement of 30 August 2021, the Annual Meeting of shareholders will be held online via Zoom link on Thursday, 30 September 2021, commencing at 2:00 pm. Attached is a copy of the Notice of Annual Meeting and Proxy Voting Form.
Shareholders can watch the proceedings via this Zoom link
Topic: AFC AGM 2021
Time: Sep 30, 2021 02:00 PM Auckland, Wellington
Join Zoom Meeting
https://us06web.zoom.us/j/2595915157?pwd=Rnh0NjByb3cydC9CWjd5NjRNSGoxUT09
Meeting ID: 259 591 5157
Passcode: AFC123
The Annual Report for the year ended 31 March 2021 has been mailed to those shareholders not registered to receive communications electronically. The Annual Report is also available on AFC’s website at www.afcnz.com.
On behalf of the Board of Directors
Hao Long
CFO
08 September 2021
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
Downloads
Director nominations & virtual-only 2021 AGM date
AFC advises for the purposes of NZX Listing Rule 2.3.2 that it has opened the period for the nomination of directors with immediate effect. All nominations must be presented in writing addressed to:
The Directors
AFC Group Holdings Limited
1/245 Ti Rakau Drive
Burswood
Auckland
Or
PO Box 230122,
Botany,
Auckland 2163
Nominations must be received no later than 5 pm on Friday 10th September 2021.
AFC Group Holdings Limited today advises that considering current and expects Covid-19 related social distancing restrictions, it will no longer offer shareholders the ability to attend the Annual Shareholders’ Meeting in person.
Shareholders will be able to attend the meeting, which is to be held on Thursday 30th September 2021 at 2:00 pm (NZT), through a virtual meeting platform only. The Notice of Meeting and Proxy Form has been revised to remove references to the physical meeting. No changes have been made to the business of the meeting or the processes around virtual attendance.
The Notice of Meeting will be distributed in due course, and the virtual AGM arrangement will be distributed in due course.
On behalf of the Board of Directors
Hao Long
CFO
30th August 2021
AFC releases Annual Report for the year ended 31 March 2021
29/6/2021, 12:01 pm ANNREP
AFC announces the availability of its Annual Report
AFC Group Holdings Limited releases its Annual Report for the year ended 31 March 2021.
On behalf of the Board of Directors.
Hao Long
CFO
29 June 2021
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
Downloads